Cambria Africa PLC Update on Dispute - Security for Costs (4506S)
21 Dezember 2016 - 9:09AM
UK Regulatory
TIDMCMB
RNS Number : 4506S
Cambria Africa PLC
21 December 2016
Cambria Africa Plc
("Cambria" or the "Company")
Update on Dispute
Company to post security for costs in its $1.8 Million
counterclaims against Consilium
The Company advised on 18 July 2016 that it has filed $1.84
million in Counterclaims against Consilium in the English High
Court.
On 20 December 2016, the High Court ordered Cambria to post
security for costs of GBP381,342.38 and ordered it to pay costs of
GBP30,000 to Consilium. The security is to be paid into court by 6
January 2017 and will be held pending determination of Cambria's
counterclaims.
The Company's board was disappointed with the ruling which was
made notwithstanding an opinion by the company's auditors, Baker
Tilly Isle of Man LLC, that "Cambria would be able to meet costs of
GBP425,000 should they become payable." The board believes that it
will comfortably meet the obligations of this ruling and go on to
prevail in its counterclaim against Consilium.
Contacts
Cambria Africa Plc: www.cambriaafrica.com
+44 (0) 207 669
Samir Shasha 0115
Email: info@cambriaafrica.com
WH Ireland Limited: www.wh-ireland.co.uk
+44 (0) 20 7220
James Joyce / Nick Prowting 1666
This information is provided by RNS
The company news service from the London Stock Exchange
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